Question

In: Math

A linear cost function is C(x) = 7x + 800. (Assume C is measured in dollars.)...

A linear cost function is

C(x) = 7x + 800. (Assume C is measured in dollars.)

(a) What are the slope and the C-intercept?

slope    
C-intercept    



(b) What is the marginal cost

MC ?

MC =



What does the marginal cost mean?

If production is increased by this many units, the cost decreases by $1.Each additional unit produced reduces the cost by this much (in dollars).    If production is increased by this many units, the cost increases by $1.Each additional unit produced costs this much (in dollars).


(c) What are the fixed costs?
$

(d) How are your answers to parts (a), (b), and (c) related?
slope = fixed costs, and C-intercept = marginal cost

C-intercept
slope

= marginal cost    

slope
C-intercept

= marginal costslope = marginal cost, and C-intercept = fixed costs
(e) What is the cost of producing one more item if 50 are currently being produced?
$

What is the cost of producing one more item if 100 are currently being produced?

Solutions

Expert Solution

milcah answered 2 years ago
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